The bullish reversal is still in play, it just hasn't been confirmed yet. Needing a green candle (close> open) and a close above yesterday's (Tuesday 26th) close of 28.5 cents and it looked good for a while, got to 30 cents but there are obviously still some sellers to mop up. There was negligible shorting activity yesterday (Tue), the latest data available.
The problem with a V shaped reversal as we have, i.e. no consolidation (mop up) period after the prior down trend is that there is usually a bunch of holders who bought during the prior downtrend and sitting on losing positions thus busting to get their money back. So each time the price creeps up it bumps into a relieved losing holder who sells. I think that is what we will continue to see for a while unless the volumes pick up and they can be mopped up more quickly with little impact.
V shaped reversals don't have a great track record. The market is a bit soggy with not a lot of conviction and is at the whim of wobbly holders but one never knows, there is a glimmer of bullish activity and it isn't necessarily over yet.
E88 Price at posting:
28.5¢ Sentiment: Hold Disclosure: Held
